Chrysler and the UAW have reached a tentative agreement on a new national labour contract, covering approximately 45,000 represented employees. The agreement is subject to UAW member ratification. The tentative agreement includes a memorandum of understanding to establish an independent retiree health care trust, as well as other changes to the national agreement. Following ratification, implementation of the memorandum of understanding is subject to approval by the courts and satisfactory review of accounting treatment with the Securities Exchange Commission. Chrysler says the national agreement is consistent with the economic pattern, and balances the needs of its employees and company by providing a framework to improve its long-term manufacturing competitiveness.